Morning Report

The pair's positive momentum stopped after reaching 1.3910, where this level represents an intraday barrier for yesterday's movement. Trading below this level, which also represents 50% Fibonacci correction as shown above, suggests that the pair could return to continue the downside movement again. Consolidation above the resistance at 1.4050-85 is sufficient to weaken the suggested downside movement.

The trading range for today is among the major support at 1.3600 and the major resistance at 1.4215.

The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above we recommend selling the pair below 1.3915, and take profit in stages at (1.3810 and 1.3710) and stop loss with 4-hour closing above 1.4110 might be appropriate